Similarweb is under layoffs. The company has a team in Ukraine (updated)

Similarweb, like many other big tech companies, is cutting staff, as AIN.Capital learned from its own sources. The exact figure is currently unknown, but according to the sources, the layoffs are affecting approximately 10% of the company’s staff in Ukraine.

UPD Feb. 13: Similarweb reported to AIN.Capital that layoffs did take place last year. But now, the company is not downsizing, but on the contrary — it is hiring. In particular, there are the job openings in Kyiv for Front-end, Back-end, QA Automation, QA Engineer. Overall, the Ukrainian team is looking for ten specialists in these areas.

“Last year, the company had to reduce the staff by about 10% globally. This was dictated by the market situation, affected many companies, and Similarweb was no exception. Unfortunately, the cuts did not bypass Ukraine. In the meantime, the situation has changed, and we are looking for professionals to join our team in Ukraine,” the company representatives said.

  • Similarweb is an independent analytics platform, one of the largest in its sector. Since 2021, Similarweb has been publicly traded on the New York Stock Exchange. The company was founded in Israel and is based in the United States. Similarweb has offices in the US, Europe, as well as in Australia, Japan, and one of the largest in Tel Aviv.
  • Similarweb also has an office in Ukraine. Initially, it was a small team based on employees of Ciklum, but by 2016, all employees of the Kyiv office (15 of them back then) became full-time employees of SimilarWeb with a separate office in Kyiv.
  • In 2021, the company stated its intentions to expand the Ukrainian office to at least 50 people as part of increasing its presence in Europe. The company planned to open two new offices in Kyiv and Munich.
  • But already in November 2022 it became known that Similarweb would cut its staff by 10%. At that time, the number included 130 people. As Similarweb CEO Or Offer explained, the company was forced to take such a step due to global economic changes to ensure the company’s profitability in 2023.
  • As of May 2022, according to Globe, after significantly increasing the number of employees over the past few years, SimilarWeb had 1,250 employees, including 700 in Israel.
  • The reduction was announced along with the company’s results for the third quarter of 2022. Total revenue amounted to $50 million, which is 41% more compared to the revenues for the third quarter of 2021. However, operating losses also increased year-over-year to $20.6 million from $16.7 million. Overall, net loss per share was $0.28 compared to $0.23 in Q3 2021, C-Tech reported. The company is planning to announce the results of Q4 and the whole fiscal year on February 14.
  • In December 2022, small reductions also occurred in the Ukrainian team. Then it was reported that ten people were laid off. As AIN.Capital learned, layoffs are currently ongoing, but it is yet unknown how many people would be affected. At the same time, DOU has posted seven job openings for developers and testers in Kyiv.
  • AIN.Capital sent a request to Similarweb, but at the time of this publication had not yet received any response.